The difference between the actual amount of the cost and how much the cost should have been, given the actual level of activity.
Spending variance
Oops!
Check
Okay!
Check
trap
No points!
Oops!
fairy
Take points!
5
10
15
20
25
gift
Win 20 points!
Okay!
thief
Give points!
5
10
15
20
25
15
The difference between the actual revenue for the period and how much the revenue should have been, given the actual level of activity.
Revenue variance
Oops!
Check
Okay!
Check
15
The difference between a revenue or cost item in the flexible budget and the same item in the static planning budget.
Activity variance
Oops!
Check
Okay!
Check
15
A budget created at the beginning of the budgeting period that is valid only for the planned level of activity.
Planning budget
Oops!
Check
Okay!
Check
15
A management system in which actual results are compared to a budget. Significant deviations from the budget are flagged as exceptions and investigated further.
Management by exception
Oops!
Check
Okay!
Check
boom
Lose 50 points!
Oops!
rocket
Go to first place!
Okay!
rocket
Go to first place!
Okay!
lifesaver
Give 20 points!
Oops!
15
A report showing estimates of what revenues and costs should have been, given the actual level of activity for the period.